Concord Company is a manufacturer of smart phones. Its controller resigned in October 2020. An inexperienced assistant accountant has prepared the following income statement for the month of October 2020. CONCORD COMPANY Income Statement For the Month Ended October 31, 2020 Sales revenue $794,900 Less: Operating expenses Raw materials purchases $264,400 Direct labor cost 190,400 Advertising expense 92,300 Selling and administrative salaries 76,200 Rent on factory facilities 62,100 Depreciation on sales equipment 44,000 Depreciation on factory equipment 32,100 Indirect labor cost 29,700 Utilities expense 12,700 Insurance expense 8,600 812,500 Net loss $(17,600) Prior to October 2020, the company had been profitable every month. The company's president is concerned about the accuracy of the income statement. As her friend, you have been asked to review the income statement and make necessary corrections. After examining other manufacturing cost data, you have acquired additional information as follows. 1. Inventory balances at the beginning and end of October were: October 1 October 31 Raw materials $20,700 $35,600 Work in process 21,000 14,700 Finished goods 29,400 53,500 2. Only 75% of the utilities expense and 60% of the insurance expense apply to factory operations. The remaining amounts should be charged to selling and administrative activities.Prepare a schedule of cost of goods manufactured for October 2020. CONCORD COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 Work in Process Inventory, October 1 V Direct Materials Raw Materials Inventory, October 1 20700 Raw Materials Purchases 264400 Total Raw Materials Available for Use V 285100 Less Raw Materials Inventory, October 31 V 35600 Direct Materials Used 24950 Direct Labor 19040 Manufacturing Overhead Factory Facility Rent 62100 Depreciation on Factory Equipment 32100 Indirect Labor 29700 Factory Utilities 952 Factory Insurance 5160 Total Manufacturing Overhead 1385.8 Total Manufacturing Costs Total Cost of Work in Process Less Work in Process Inventory, October 31 V Cost of Goods Manufactured V eTextbook and Media Attempts: 4 of 5 usedCONCORD COMPANY Cost of Goods Manufactured Schedule For the Month Ended October 31, 2020 V 21000 20700 264400 285100 . October 31 V 35600 i 249500 190400 62100 32100 29700 9525 5160 138585 578485 599485 Dry, October 31 14700 V 584785 eTextbook and Media Attempts: 4 of 5 used(b) Prepare a correct income statement for October 2020. CONCORD COMPANY Income Statement V $ V: / V eTextbook and Media Save for Later Attempts: 0 of 5 used Submit